Not to mention filing your tax return. In fact, just understanding how to save and spend wisely can be daunting. 

Worry not, Nola Rae, author of Money Wit, and founder of Capstan Financial Solutions shares her tips for better money management for young people.

1.     Know your financial situation

Before you sign on to a new job, ask your future employer to provide a mock pay slip. This will show you exactly how much money will be paid in your account every month, what benefits you can expect, and the number of your deductions.

2.     Plan your budget every month

This allows you to understand where and how you are spending your money. Planning is the first step towards better money management.

When you budget, make sure you allocate enough money to essentials like transport and food, savings, optional expenditure (entertainment, for example) and money for emergencies.

3.     Start saving

The sooner you start, the easier it becomes to make this a habit. If you put away a portion of your salary from the time of your first pay cheque, saving becomes part of your regular expenses, rather than something requiring an extra budget. That said, it’s never too late to start saving.

4.     Know where your cash is going

Keep all your slips for a month or two. You’ll see that R10 here or there quickly adds up. It’s also a good idea to check your bank statements and credit card statements – this will give you an idea of where you might be able to save.

5.     Arm yourself with knowledge

Don’t be afraid to ask questions when you’re spending a large sum, like buying a car or property. Make sure you understand the costs, risks and benefits of every deal you sign.